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The rising demand for energy-efficient solutions is driving the AC drives market growth. The low energy consumption of AC drives and its low production cost are resulting in its increased adoption in various end-use sectors. The growth can also be attributed to rapid technological developments and favourable government initiatives. Factors like less maintenance, increasing demand for motor applications, and ease of use are also boosting the AC drives market growth across the globe.
Furthermore, increased infrastructure investments and rapid urbanisation and industrialisation are also helping to escalate AC drive sales worldwide, as infrastructure development across sectors such as water and wastewater treatment, power generation, transportation, and building automation demands advanced motor control solutions.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global AC drives market is aided by low-voltage AC drives which attained a value of nearly USD 13.98 billion.
The market is estimated to grow at a CAGR of 4.9% between 2024 and 2032.
The market is aided by low voltage AC drives which is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 21.56 billion by 2032.
The major market drivers are rising demand for energy efficient solution, low energy consumption of AC drives, and its low production cost.
The growing infrastructure investments and the rapid urbanisation and industrialisation are the key trends guiding the market growth.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The market is categorised according to voltage, which includes medium voltage and high voltage.
The various segments based on power ratings considered in the market report are low power drives (<40 kW), medium power drives (41 kW - 200 kW), and high-power drives (>200 kW).
Based on the application, the market is divided into compressor, conveyors, fans, extruders, pumps and others.
The different end uses of AC drives are water and wastewater, oil and gas, power, chemical, metal processing, and HVAC, among others.
The market key players are ABB Ltd, Siemens AG, Rockwell Automation, Inc., Hitachi, Ltd., and Fuji Electric Co. Ltd, among others.
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